Ontario is offering public servants a four-year contract extension with 7.5-per-cent raises, which, if ratified, would avoid possibly contentious bargaining before the next provincial election.

The Ontario Public Service Employees Union workers would get 1.5 per cent on July 1, then one per cent on Jan. 1, 2019 and another one per cent every six months for the life of the deal. The approximately 35,500 workers and correctional staff represented by OPSEU are employed across the public sector, from administration and enforcement to social work, IT and laboratory staff.

The possible deal follows the Liberal government’s successful offering to teachers and education workers of two-year extensions that came with four-per-cent raises and more than $275 million in additional funding.

OPSEU president Warren (Smokey) Thomas called the scope of the latest contract extension offer “unprecedented” and said he suspects it is related to the June 2018 election.

“I’m kind of shocked the government actually made us any kind of an offer,” Thomas said. “It’s no secret that my union and myself, my executive board, we’re always in a battle with the government…We’re at odds with them on a lot of fronts.”

But, Thomas said, the offer contains a number of positive changes with no demands of concessions for members, and no matter the motivation he’s looking for the best deal for the workers.

Premier Kathleen Wynne disputed that the offer was about the upcoming election.

“My position has always been, since I’ve been in elected politics, has been that good working relationships with our labour partners is good for the people of the province,” she said.

For many years now, the government has only been able to offer public-sector workers small increases, as it worked to eliminate a multi-billion-dollar deficit, but the budget is now balanced.

“One of the reasons that we have been able to come to this position now where we are able to balance the budget, where we are able to make investments, is that we’ve worked very well with our labour partners,” Wynne said. (Source: Hamilton Spectator)

Canadian woman will be on next series of bank notes, Trudeau announces

The image of an iconic Canadian woman will appear on the next issue of bank notes, Prime Minister Trudeau announced today.

“A Canadian woman will be featured on the very first of the next series of bills expected in 2018,” Trudeau said.

“Today, on International Women’s Day, the Bank of Canada is taking the first step by launching public consultations to select an iconic Canadian woman to be featured on this new bill.”

The government and the Bank of Canada did not indicate which denomination would showcase the iconic female Canadian.

Finance Minister Bill Morneau, who stood alongside the prime minister with other members of the Liberal caucus and former Mississauga, Ont., mayor Hazel McCallion during the announcement, noted that it is “high time to change.”

Kim Campbell

“One of the very first things I had the honour of doing as the new finance minister was asking the governor of the Bank of Canada, Stephen Poloz, and his colleagues at the bank whether it’s in fact possible to put a woman on the bank note,” said Morneau.

The finance minister said he was told the central bank had been looking into the possibility for some time and was keen to support the initiative.

From now until April 15, Canadians can visit the Bank of Canada’s website to submit nominations for the woman they think should appear on the bill.

My short list

The nominees can be any Canadian woman, either by birth or naturalization, who has demonstrated outstanding leadership, achievement or distinction in any field, said a release from the central bank.

The nominees cannot be a fictional character and must have died prior to April 15, 1991.

Once the nomination period is over, an independent advisory council made up of academics and cultural leaders will review the submissions and present a short list to Morneau for his consideration. (Source: CBC News)

Marking International Women’s Day, Prime Minister Justin Trudeau announced yesterday that in 2018, Canada will include the face of a Canadian woman on one of our banknotes, a woman who isn’t Queen Elizabeth. There are a couple things that will disqualify someone from appearing on our money – a fictional character, and being alive for the last 25 years. So, sorry, Anne of Green Gables, you’re not the real deal. Sorry Margaret Atwood, Celine Dion, Joni Mitchell, Pamela Anderson, Karen Kain, Sheila Copps, and Kathleen Wynne. Sorry Ellen Fairclough and Jane Jacobs, you’ve died too soon, and while Kim Campbell might make an appearance on a future bill, she’s long from being dead. So here it is, in my estimation, the short list that includes the most likely woman to be featured on a forthcoming Canadian banknote. If I’m missing someone, add it below.

Canadian dollar will drop to 59 cents US in 2016, Macquarie forecasts

A day after the loonie slipped below the 70-cent US level for the first time since 2003, a forecaster at investment bank Macquarie says he expects the loonie to lose another 10 cents to reach an all-time low of 59 cents by the end of 2016.

David Doyle of Macquarie Capital Markets Canada Ltd. lowered his Canadian dollar forecast to 59 cents US on Tuesday. That would eclipse the all-time low for the loonie, set on Jan. 21, 2002, at 61.79 cents US.

Doyle knows of what he speaks. Last February, when the Canadian dollar was valued at just over 80 cents, he — correctly, as it turns out — predicted the loonie would hit 69 cents US at some point in the next 12 months.

Doyle’s new forecast doesn’t see the loonie above 65 cents US at any time between the end of 2016 and the two years that follow.

The loonie has been whipsawed of late by oil and the U.S. dollar. Oil prices can’t find a bottom, with a barrel of the North America crude oil benchmark dipping below $30 a barrel for the first time in 13 years on Tuesday. That’s dragging the loonie down with it, as Canada’s dollar is widely considered to be a play on oil prices.

But strength in the U.S. dollar is making the loonie look even worse.

Economic uncertainty makes investors flock to assets perceived as safe, and for the most part none are perceived to be safer than the U.S. dollar. That drives up the greenback’s value. So while the Canadian dollar is sliding lower compared to most currencies, it looks especially cheap compared to the U.S. buck. (Source: CBC News)

Many Canadians are wondering if they can cram some last-minute cross-border travel plans into the next few weeks while others are already deep into back-to-school shopping excursions. And money – more than ever before – is taking precedent in the planning.

While it has not been definitively declared a recession, Canada’s shrinking economy certainly has some residents concerned. According to a recent survey from digital offers RetailMeNot.ca, 73% of Canadians are worried about the nation’s economy. July’s interest-rate cut was made in hopes of stimulating growth, but only 31% of survey respondents feel confident that the Canadian dollar will strengthen before the end of the year – making it more important than ever for Canadians to stretch their income further.

The current state of the economy has Canadians paying more attention to their spending habits. Sixty-five per cent agree that it’s important to stick to a budget no matter the personal sacrifice, with 62% stating that cutting back has them missing out on certain activities. Research shows other habits Canadians are adopting to save money include buying everything on sale (72%), limiting meals at restaurants (62%), searching for coupon and promo codes (49%) and taking public transportation or carpooling (18%).

“Nearly half of Canadians are worried about being able to afford everything they need this year,” says Kristen Larrea for RetailMeNot, Inc., operators of the world’s largest marketplace for digital offers. “However, with a little savvy spending, consumers should be able to satisfy their needs and wants throughout 2015. Simple behavioural changes, such as utilizing price comparison tools and checking for online promo codes, will help Canadians maximize their purchasing power, so they can get more for their money.” (Source: Toronto Sun)